She is a Professor in Accounting at EMLV Business School and a fellow researcher at the Institut de Recherche en Gestion at Paris-Est University. She worked as a full professor at the ISG of Sousse University and was holder of the LAMIDED research laboratory. She published papers in Management International, Comptabilité-Contrôle-Audit, Gender, Work & Organization and Bankers, Markets and Investors among others. Her special research interests are in corporate governance, corporate disclosure, gender diversity, CSR and Tax avoidance.
Ramzi Benkraiem; Safa Gaaya; Faten Lakhal
Tax avoidance, investor protection, and investment inefficiency: An international evidence Article de journal
Dans: Research In International Business And Finance, vol. 69, p. 102258, 2024.
@article{benkraiem_2786,
title = {Tax avoidance, investor protection, and investment inefficiency: An international evidence},
author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},
url = {https://www.sciencedirect.com/science/article/pii/S0275531924000503?dgcid=author},
year = {2024},
date = {2024-04-01},
journal = {Research In International Business And Finance},
volume = {69},
pages = {102258},
abstract = {This paper provides new evidence on the relationship between corporate tax avoidance, and investment inefficiency. Based on a sample of 82,487 firm-year observations across 38 countries, we find that tax avoidance is positively associated with inefficient investments. Particularly, the positive effect of corporate tax avoidance is due to the underinvestment problem suggesting that firms engaging in tax saving activities suffer from exacerbated information asymmetry issues leading them to underinvest. More importantly, the results show that the relationship between tax avoidance and investment inefficiency is more prevalent during crisis periods, suggesting that in periods of economic shortfalls, the investment behavior is altered due to high external financing cost. We also find that the relation between tax avoidance activities and investment inefficiency is less prevalent in countries with strong investor protection. These findings are robust to alternative samples, measures of tax avoidance, investor protection and to endogeneity issues.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Imen Tebourbi; Assil Guizani; Faten Lakhal
Gender diversity and tax avoidance: do gender quotas matter? Article de journal
Dans: International Journal of Business Governance and Ethics, vol. 1, no. 1, p. 1-27, 2024.
@article{tebourbi_2831,
title = {Gender diversity and tax avoidance: do gender quotas matter?},
author = {Imen Tebourbi and Assil Guizani and Faten Lakhal},
url = {https://www.inderscience.com/info/ingeneral/forthcoming.php?jcode=ijbge#119579},
year = {2024},
date = {2024-02-01},
journal = {International Journal of Business Governance and Ethics},
volume = {1},
number = {1},
pages = {1-27},
abstract = {In this study, we examine the impact of the presence of women on board of directors and in top executive positions on companies' tax avoidance practices in French public companies. We also explore the impact of the introduction of Copé-Zimmerman law which mandates a quota of female
directors on boards. Our findings suggest that CFOs' gender matters as female CFOs are less inclined to tax avoidance behaviour. We also find that the presence of female directors on boards is negatively associated with tax
avoidance suggesting that women can be effective monitors on boards. However, this effect was more pronounced before the introduction of a mandatory quota of female executives. This suggests that companies that
rushed into adding female board members to comply with the
Copé-Zimmermann law may not have reached an optimal and effective board composition.},
keywords = {},
pubstate = {online},
tppubtype = {article}
}
Faten Lakhal; Amal Hamrouni; Ibtissem Jilani; Imen Mahjoub; Ramzi Benkraiem
The power of inclusion: Does leadership gender diversity promote corporate and green innovation? Article de journal
Dans: Research In International Business And Finance, vol. 67, no. Part A, p. 102128, 2024.
@article{lakhal_2462,
title = {The power of inclusion: Does leadership gender diversity promote corporate and green innovation?},
author = {Faten Lakhal and Amal Hamrouni and Ibtissem Jilani and Imen Mahjoub and Ramzi Benkraiem},
url = {https://www.sciencedirect.com/science/article/pii/S0275531923002544},
year = {2024},
date = {2024-01-01},
journal = {Research In International Business And Finance},
volume = {67},
number = {Part A},
pages = {102128},
abstract = {This paper investigates the effect of leadership gender diversity on both corporate and green innovation. Based on a sample of French-listed companies, the results show that board gender diversity enhances both types of innovation. This finding suggests that women on boards focus on both firm's competitive advantage and sustainability while engaging in innovative activities. These results are more prevalent for female independent directors and in the voluntary approach of appointing women on boards. The results also show that gender diversity among executives, particularly the Chief financial officer (CFO) position, is associated with an increase in corporate and green innovation. This result suggests that companies should consider top management gender diversity to break the glass ceiling phenomenon which means actively recruiting and promoting women to leadership positions as part of their overall innovation strategy.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Taher Hamza; Hamza Nizar; Faten Lakhal
Corporate social responsibility, industry competition and firm productive efficiency: evidence from semi-parametric and non-parametric analysis Article de journal
Dans: Annals Of Operations Research, 2023.
@article{hamza_2545,
title = {Corporate social responsibility, industry competition and firm productive efficiency: evidence from semi-parametric and non-parametric analysis},
author = {Taher Hamza and Hamza Nizar and Faten Lakhal},
url = {https://link-springer-com.biblioproxy.uqtr.ca/article/10.1007/s10479-023-05683-x},
year = {2023},
date = {2023-12-01},
journal = {Annals Of Operations Research},
abstract = {This study examines whether corporate social responsibility (CSR) improves firm productive
efficiency and highlights the role of productmarket competition in addressing agency conflicts
associated with CSR. Using a sample of French firms from 2008 to 2018, we estimate
firm productive efficiency through a semi-parametric and non-parametric methods (Data
Envelopment Analysis?DEA). The results show that CSR positively affects firm productive
efficiency supporting the instrumental stakeholder theory.We also find that the positive effect
of CSR on firm productive efficiency is more prevalent among firms operating in highly
competitive environments and standing out high governance quality. These findings suggest
that agency problems related to CSR are less likely in firms subject to high external and
internal control. These findings have several practical implications and may provide valuable
insights in particular to the French National Productivity Council, which has been actively
investigating the primary catalysts of firm productivity in France.},
keywords = {},
pubstate = {online},
tppubtype = {article}
}
Faten Lakhal; Cemil Kuzey; Abdullah Karaman
Do stockholders appreciate CSR? The role of firm visibility, financial slack, and monitoring Article de journal
Dans: Management International, vol. xx, no. xx, p. xx, 2023.
@article{lakhal_2575,
title = {Do stockholders appreciate CSR? The role of firm visibility, financial slack, and monitoring},
author = {Faten Lakhal and Cemil Kuzey and Abdullah Karaman},
url = {No link yet},
year = {2023},
date = {2023-12-01},
journal = {Management International},
volume = {xx},
number = {xx},
pages = {xx},
abstract = {Although numerous past studies have examined the association between corporate social responsibility (CSR) and firm value, the findings have been inconsistent. This study uses a large global sample of firms affiliated with 10 sectors and 65 countries from 2002 to 2019 to examine how firm visibility, financial slack, and monitoring affected the relationship between CSR and firm value. We find that CSR performance and its three dimensions?that is, environmental, social, and governance?have positive effects on firm value. The results also show that under slack resources and strong corporate governance, the positive effect of CSR on firm value is strongly supported. These results suggest that managers should be aware that they can also attract shareholders' interests in the stock market while addressing stakeholders' concerns, especially when the firm has available financial slack and strong board monitoring. However, the positive association between CSR and firm value is only supported by the social pillar in the presence of high firm visibility.},
keywords = {},
pubstate = {accepted},
tppubtype = {article}
}
Faten Lakhal; Itidel Ben Saad; Nadia Lakhal; Safa Gaaya
How do socially responsible companies engage in tax avoidance practices? Evidence from France Article de journal
Dans: Management International, 2023.
@article{lakhal_2414,
title = {How do socially responsible companies engage in tax avoidance practices? Evidence from France},
author = {Faten Lakhal and Itidel Ben Saad and Nadia Lakhal and Safa Gaaya},
url = {https://reflexion.hec.ca/notice?id=283573d0-bacd-4258-aebd-0be84bdda38c},
year = {2023},
date = {2023-12-01},
journal = {Management International},
abstract = {La responsabilité sociale des entreprises (RSE) fait partie du débat plus large sur la question de savoir si les entreprises s'engagent dans la RSE pour promouvoir des intérêts sociaux ou strictement pour atteindre la légitimité et sont donc implicitement impliquées dans une forme de «?greenwashing?». Cet article étudie l'effet de la RSE sur l'évasion fiscale des entreprises. Il examine également les rôles de la gouvernance d'entreprise, de l'effet de levier et de la propriété familiale dans la relation RSE-évasion fiscale. En se basant sur un échantillon des entreprises françaises cotées de 2005 à 2017, les résultats montrent que les entreprises engagées dans la RSE adoptent des pratiques d'évasion fiscale, soutenant les perspectives de gestion des risques et de la théorie de l'agence. Cela suggère que les entreprises adoptent la RSE pour se forger une réputation positive et couvrir des positions fiscales à risque. Les résultats montrent également que les rôles disciplinaires de la dette et de la gouvernance d'entreprise atténuent cet effet positif. Des preuves supplémentaires montrent que les entreprises familiales qui investissent trop dans la RSE sont peu susceptibles de s'engager dans l'évasion fiscale à des fins de richesse socio-économique. Les résultats sont robustes aux mesures alternatives de l'évasion fiscale et aux préoccupations d'endogénéité.},
keywords = {},
pubstate = {online},
tppubtype = {article}
}
Ibtissem Jilani; Faten Lakhal; Nadia Lakhal
Women on boards and on top management positions and excess cash holdings: a quantile regression approach Article de journal
Dans: Corporate Governance: the international journal of business in society, vol. 23, no. 7, p. 1585-1606, 2023.
@article{jilani_2333,
title = {Women on boards and on top management positions and excess cash holdings: a quantile regression approach},
author = {Ibtissem Jilani and Faten Lakhal and Nadia Lakhal},
url = {https://www.emerald.com/insight/content/doi/10.1108/CG-10-2022-0435/full/html},
year = {2023},
date = {2023-11-01},
journal = {Corporate Governance: the international journal of business in society},
volume = {23},
number = {7},
pages = {1585-1606},
abstract = {Purpose - This paper aims to examine the impact of gender diversity on boards and on top management
positions on excess cash holdings.
Design/methodology/approach - The authors adopt the quantile regression approach to test the
relation between gender diversity and excess cash holding. The sample consists of 1,235 firm-year
observations for the period 2005-2017.
Findings - The authors find that board gender diversity negatively influences the level of excess cash.
This result suggests that women appointed in the boardroom are effective in monitoring managerial
actions, including financing policies. The results also show that by forcing companies to have a quota of
women on their boards, the presence of women no longer has a negative impact on excess cash
holdings. However, when women stand at the chief executive officer or chief financial officer position,
they tend to accumulate cash for precautionary motives. These results suggest that women behave
differently regarding excess cash holding as monitors compared to their role as decision-makers.
Practical implications - The results may be of interest to legislators who may decide to break the glass
ceiling, preventing women from gaining greater access to senior management positions. This is in line
with the recommendations of the AFEP-MEDEF Governance Code of 2020, which strongly recommends the recruitment of women to senior management positions. The results are also important to investors,
who might be likely to trust companies in which women hold positions on boards of directors which may increase firm value. The results may also have a social impact. Indeed, the role of women in society may
be enhanced if such initiatives are taken to increase their representation on leadership positions and in
society in general.
Social implications - The results may also have a social impact. Indeed, the role of women in society
may be enhanced if such initiatives are taken to increase their representation on leadership positions and
in society in general.
Originality/value - This study investigates the role of women both as controllers and decision-makers in
holding excessive amounts of cash. It also highlights new evidence on the impact the approach of
appointing women on boards (enabling/coercive and market-based) can have on the relation between gender diversity and excess cash holdings},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Sabrina Khemiri; Sami BACHA; Assil Guizani
CEO overconfidence and tax practices: Does Board gender diversity matter? Article de journal
Dans: Management International, vol. 27, no. 4, p. 10-22, 2023.
@article{lakhal_2472,
title = {CEO overconfidence and tax practices: Does Board gender diversity matter?},
author = {Faten Lakhal and Sabrina Khemiri and Sami BACHA and Assil Guizani},
url = {https://www.erudit.org/en/journals/mi/2023-v27-n4-mi08892/1107403ar/abstract/},
year = {2023},
date = {2023-11-01},
journal = {Management International},
volume = {27},
number = {4},
pages = {10-22},
abstract = {This study examines the effect of chief executive officer (CEO) overconfidence on tax avoidance practices. Based on a sample of French-listed firms, the results show that overconfident CEOs engage in high levels of tax avoidance suggesting that the overconfidence bias may lead CEOs' to behave unethically and use deceitful tactics to avoid taxes. However, board gender diversity mitigates this behavior suggesting that female directors are good monitors on the board. Our findings give insights to policymakers who may consider gender diversity on top management positions in addition to the board of directors to prevent a loss in tax revenues.},
keywords = {},
pubstate = {online},
tppubtype = {article}
}
Zeyneb Barka; Ramzi Benkraiem; Taher Hamza; Faten Lakhal; Samuel Vigne
Institutional investor horizon and stock price synchronicity: Do product market competition and analyst coverage matter? Article de journal
Dans: International Review Of Financial Analysis, vol. 89, p. 102733, 2023.
@article{barka_2363,
title = {Institutional investor horizon and stock price synchronicity: Do product market competition and analyst coverage matter?},
author = {Zeyneb Barka and Ramzi Benkraiem and Taher Hamza and Faten Lakhal and Samuel Vigne},
url = {https://www.sciencedirect.com/science/article/pii/S1057521923002491},
year = {2023},
date = {2023-10-01},
journal = {International Review Of Financial Analysis},
volume = {89},
pages = {102733},
abstract = {This paper provides new insights into the relation between institutional investment horizon and stock price synchronicity and investigates whether this relationship depends on the intensity of product market competition and analyst coverage. Based on a sample of French listed companies, we find that long-term (short-term) institutional investors are associated with higher (lower) stock price synchronicity. The results also show that the negative (positive) effect of long-term (short-term) institutional investors is more (less) accentuated for highly competitive markets and when the firm is followed by a high number of financial analysts. An additional analysis shows that the synchronicity reduction effect does not vary during the financial crisis. Overall, these findings suggest that unlike their short-term counterparts, long term investors reduce asymmetric information and help disseminate firm-specific information into stock prices when such information is less accessible to outside shareholders.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Imen Ghadhab; Hamza Nizar; Ramzi Benkraiem; Faten Lakhal
Cross-listing dynamics and labor investment efficiency: International evidence Article de journal
Dans: International Review Of Financial Analysis, vol. 88, p. 102678, 2023.
@article{ghadhab_2328,
title = {Cross-listing dynamics and labor investment efficiency: International evidence},
author = {Imen Ghadhab and Hamza Nizar and Ramzi Benkraiem and Faten Lakhal},
url = {https://www.sciencedirect.com/science/article/pii/S1057521923001941},
year = {2023},
date = {2023-07-01},
journal = {International Review Of Financial Analysis},
volume = {88},
pages = {102678},
abstract = {This paper investigates the dynamics of cross-listing in the United States and labor investment efficiency. Using a sample of 11,780 firm-year observations from 44 countries over the period 2000-2019, we found that cross-listing is positively associated with labor investment efficiency. This result suggests that cross-listing is associated with lower deviations in labor investment at the level explained by economic fundamentals. We also found that cross-listing reduces both overinvestment and underinvestment problems. The positive impact of cross-listing on labor investment efficiency is more prevalent for firms from countries with weaker institutions and higher liabilities due to foreignness and for those operating in industries with low litigation risk. Further evidence shows that labor investment efficiency following cross-listing in the United States translates into high firm valuation. Our findings are robust to endogeneity concerns and have important policy implications.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Afef Slama; Faten Lakhal; Ramzi Benkraiem
L'hétérogénéité des investisseurs institutionnels et la détention d'actifs liquides : Effet modérateur du contrôle familial Article de journal
Dans: Management International, vol. 27, no. 3, p. 162-177, 2023.
@article{slama_2330,
title = {L'hétérogénéité des investisseurs institutionnels et la détention d'actifs liquides : Effet modérateur du contrôle familial},
author = {Afef Slama and Faten Lakhal and Ramzi Benkraiem},
url = {https://www.erudit.org/fr/revues/mi/2023-v27-n3-mi08812/1106706ar/},
year = {2023},
date = {2023-06-01},
journal = {Management International},
volume = {27},
number = {3},
pages = {162-177},
abstract = {Cette étude se propose d'étudier l'effet de la présence des
investisseurs institutionnels (II) sur le niveau de détention
d'actifs liquides dans un contexte d'actionnariat familial.
Les résultats empiriques révèlent que les II ayant un
horizon d'investissement à long terme et une importante
participation au capital sont plus à mêmes de contrôler
et limiter l'accumulation d'actifs liquides. Cependant, un
comportement d'investissement passif de la part de ces II
conduit les dirigeants à privilégier leurs intérêts privés et
d'extraire ainsi des rentes à partir de l'accumulation des
liquidités. Les résultats montrent également que le
contrôle familial peut modérer l'activisme institutionnel et
amplifier en contrepartie la passivité de ces investisseurs.
En effet, les entreprises familiales peuvent privilégier une
coalition de contrôle avec les II passifs pour faciliter
l'expropriation des intérêts des actionnaires minoritaires
et affaiblir le pouvoir des II actifs.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Florence Depoers; Assil Guizani; Faten Lakhal
Stock Price Crash Risk, Managerial Ownership, and Cost of Debt Article de journal
Dans: Finance, vol. 44, no. 2, p. 37-68, 2023.
@article{depoers_2036,
title = {Stock Price Crash Risk, Managerial Ownership, and Cost of Debt},
author = {Florence Depoers and Assil Guizani and Faten Lakhal},
url = {https://www.cairn.info/revue-finance-2023-2-page-37.htm},
year = {2023},
date = {2023-05-01},
journal = {Finance},
volume = {44},
number = {2},
pages = {37-68},
abstract = {The purpose of this paper is to investigate the effect of stock price crash riskon the cost of debt for French listed companies. We use a sample of 221companies from 2008 to 2017 and find that stock price crashes increasethe cost of debt, suggesting that creditors consider a firm-level stock pricecrash to be an important risk factor when issuing loans. This positive effectis more pronounced in firms with high systematic risk and informationasymmetry issues. We also show that the positive effect of stock price crashrisk on the cost of debt is less prevalent when the manager or the foundingfamily is the first large shareholder of the company. These findings supportthe hypothesis of alignment of interests between managers and creditorsand are in line with the perspective of the social networks, owner-managersand families have with their banks},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Ramzi Benkraiem; Safa Gaaya; Faten Lakhal; Nadia Lakhal
Economic policy uncertainty, investor protection, and the value of excess cash: A cross-country comparison Article de journal
Dans: Finance Research Letters, vol. 52, p. 103572, 2023.
@article{benkraiem_2214,
title = {Economic policy uncertainty, investor protection, and the value of excess cash: A cross-country comparison},
author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal and Nadia Lakhal},
url = {https://www.sciencedirect.com/science/article/pii/S1544612322007486?via%3Dihub},
year = {2023},
date = {2023-03-01},
journal = {Finance Research Letters},
volume = {52},
pages = {103572},
abstract = {This paper provides new evidence on the effect of economic policy uncertainty (EPU) on the value of excess cash. We find that EPU decreases the value of excess cash holdings. Thus, investors discount the value of excess cash held by firms that are highly exposed to uncertainty due to related agency and information asymmetry issues. We also investigate whether the value of excess cash holding in uncertain periods depends on the degree of investor protection. The findings reveal that investors penalize firms that hold excess cash during economic and political shortfalls only in countries with strong investor protection environments.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Cemil Kuzey; Ali Uyar; Abdullah Karaman
The relationship between dividend payout and corporate social responsibility: The moderating effect of shareholder friendliness and board monitoring Article de journal
Dans: Journal Of Cleaner Production, vol. 394, p. 136297, 2023.
@article{lakhal_2337,
title = {The relationship between dividend payout and corporate social responsibility: The moderating effect of shareholder friendliness and board monitoring},
author = {Faten Lakhal and Cemil Kuzey and Ali Uyar and Abdullah Karaman},
url = {https://www.sciencedirect.com/science/article/pii/S0959652623004559},
year = {2023},
date = {2023-03-01},
journal = {Journal Of Cleaner Production},
volume = {394},
pages = {136297},
abstract = {The purpose of this study is to extend the previous literature on the dividend payout and corporate social re-
sponsibility nexus by considering internal and external contingencies. We specifically examine the relationship
between dividend payout and corporate social responsibility and whether shareholder friendliness and board
monitoring moderate this relationship. Based on a sample of 34,456 observations across 60 countries from 2003
to 2019, we find that dividend payout is positively associated with nine dimensions of environmental, social, and
governance pillars, whereas dividend growth is negatively associated with them. Furthermore, we find that
shareholder friendliness negatively moderates the relationship between dividend payout and some environ-
mental, social, and governance dimensions, whereas board monitoring has a positive moderating effect. These
results suggest that shareholder-oriented managers prioritize shareholders' interests at the expense of stake-
holders. However, the board plays a good monitoring role in resolving conflicts of interest between shareholders
and stakeholders. Additional tests show that there is an inverted U-shaped relationship between dividend payout
and corporate social responsibility, suggesting that firms might find it difficult to balance the interests of both
parties at high dividend payout. Finally, under weaker market regulations, the direct relationship between
dividend payout and corporate social responsibility and the moderating effects are positive and stronger.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Hamza Nizar; Taher Hamza; Faten Lakhal
How does institutional cross-ownership affect firm productivity? The importance of the corporate social responsibility channel Article de journal
Dans: International Journal Of Finance & Economics, 2023.
@article{nizar_2336,
title = {How does institutional cross-ownership affect firm productivity? The importance of the corporate social responsibility channel},
author = {Hamza Nizar and Taher Hamza and Faten Lakhal},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/ijfe.2773},
year = {2023},
date = {2023-01-01},
journal = {International Journal Of Finance & Economics},
abstract = {This paper investigates the effect of institutional cross-ownership on firm productivity and whether this effect occurs indirectly through corporate social responsibility. Based on a sample of French firms from the 2001-2015 period, we found that institutional cross-ownership, particularly pressure insensitive cross-ownership, positively affects firm productivity. This result suggests that the professional knowledge and monitoring experience gained by institutional cross-owners lead them to increase firm productivity. This positive effect is less pronounced in highly competitive product markets. The results also showed that corporate social responsibility is a channel that allows institutional cross-owners, particularly pressure insensitive cross-owners, to influence firm productivity. This result suggests that institutional cross-owners drive corporate social responsibility investments leading to enhanced firm productivity.},
keywords = {},
pubstate = {online},
tppubtype = {article}
}
Fatima Shuwaikh; Faten Lakhal; Ramzi Benkraiem; Assil Guizani
Carbon performance and firm value of the World's most sustainable companies Article de journal
Dans: Economic Modelling, vol. 116, p. 106002, 2022.
@article{shuwaikh_1888,
title = {Carbon performance and firm value of the World's most sustainable companies},
author = {Fatima Shuwaikh and Faten Lakhal and Ramzi Benkraiem and Assil Guizani},
url = {https://www.sciencedirect.com/science/article/pii/S0264999322002437?via%3Dihub},
year = {2022},
date = {2022-11-01},
journal = {Economic Modelling},
volume = {116},
pages = {106002},
abstract = {This study examines how carbon performance affects a firm's market value. It also studies how this effect is driven by leadership, gender diversity and innovation capacity. This study used a panel of the world's most sustainable companies ranked according to Corporate Knights between 2013 and 2019. The results revealed that carbon performance positively influenced firm market value, thereby indicating that investors rewarded firms with low levels of carbon emissions. This positive effect was more prevalent in firms with a high level of gender diversity and innovation capacity. The findings also demonstrate that rank-up and high-polluting firms continually increased their efforts to be sustainable, which increased the positive effect of carbon performance on firm value. Our results are robust to alternative measures and concerns about endogeneity.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Emna Brahem; Florence Depoers; Faten Lakhal
Corporate social responsibility and earnings quality in family firms Article de journal
Dans: Journal of Applied Accounting Research, vol. 23, no. 5, p. 1114-1134, 2022.
@article{brahem_1823,
title = {Corporate social responsibility and earnings quality in family firms},
author = {Emna Brahem and Florence Depoers and Faten Lakhal},
url = {https://doi.org/10.1108/JAAR-05-2021-0139},
year = {2022},
date = {2022-10-01},
journal = {Journal of Applied Accounting Research},
volume = {23},
number = {5},
pages = {1114-1134},
abstract = {The purpose of this paper is to investigate the relationship between corporate social responsibility and earnings quality, specifically in family firms.
Design/methodology/approach
Based on a sample of French-listed firms from the period 2005 to 2016, the authors use the instrumental variable approach based on a two-stage least-squares (2SLS) estimator.
Findings
The results show that Corporate Social Responsibility (CSR) performance is positively associated with the relevance and faithful representation of earnings. This means that companies that commit to CSR activities are more likely to provide high earnings quality. The results also show that the positive association between CSR performance and earnings quality is more prevalent in family firms suggesting that socially responsible family firms are willing to preserve their socio-emotional wealth by disclosing high quality earnings.
Research limitations/implications
The results suggest that French firms commit to CSR to satisfy the interests of their stakeholders by disclosing high-quality information supporting the conflict resolution view of CSR. The findings also support the socio-emotional wealth perspective and suggest that family firms that engage in CSR activities provide a rich informational environment through high earnings quality.
Practical implications
This study's findings can be thus useful to investors for their portfolio management decisions by enabling them to identify the profile of companies with high earnings quality. These results may also help standard-setters and capital-market regulators improve market transparency by introducing new requirements to encourage investing in CSR.
Originality/value
This study extends the research on the relationship between CSR and earnings quality by focusing on two fundamental characteristics including relevance and faithful representation. This paper focuses on the effect of CSR on earnings quality in the specific context of family firms. This study offers then a better understanding of whether socially responsible family firms communicate stronger or weaker earnings quality than non-family firms based on the agency and socio-emotional wealth perspectives.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Ramzi Benkraiem
How does family control affect stock price synchronicity? Article de journal
Dans: Finance Research Letters, vol. 49, p. 103092, 2022.
@article{lakhal_1859,
title = {How does family control affect stock price synchronicity?},
author = {Faten Lakhal and Ramzi Benkraiem},
url = {https://doi.org/10.1016/j.frl.2022.103092},
year = {2022},
date = {2022-10-01},
journal = {Finance Research Letters},
volume = {49},
pages = {103092},
abstract = {This paper examines the effect of family control on the degree of stock price synchronicity. The
results reveal that family control has a negative effect on stock price synchronicity, supporting the
socioemotional wealth perspective. The results also show that this negative effect of family
control on stock price synchronicity is prevalent only for family firms with high analyst coverage
and a large institutional investor stake. These results suggest that families disclose more specific
information to enhance their reputation and alleviate minority investors' fears of being expropriated
when the firm has less information asymmetry and is well monitored.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Assil Guizani; Florence Depoers; Faten Lakhal
How do overconfident CEOs behave in competitive product markets: Evidence from stock price crash risk Article de journal
Dans: Finance Contrôle Stratégie, vol. 22, no. 2, p. 2-22, 2022.
@article{guizani_1866,
title = {How do overconfident CEOs behave in competitive product markets: Evidence from stock price crash risk},
author = {Assil Guizani and Florence Depoers and Faten Lakhal},
url = {URL: https://journals.openedition.org/fcs/9285},
year = {2022},
date = {2022-07-01},
journal = {Finance Contrôle Stratégie},
volume = {22},
number = {2},
pages = {2-22},
abstract = {This paper investigates how CEO overconfidence affects the stock price crash risk in a
competitive environment. Using a sample of French companies, we find that overconfident CEOs
positively influence the stock price crash risk. This finding suggests that overconfident CEOs are
more likely to keep money-losing projects and hoard bad news because they overestimate the
long-term value of their projects, leading to stock price crashes. The results also show that the
positive effect of CEO overconfidence on the stock price crash risk is less pronounced in
competitive product markets. This result suggests that product market competition can help
constraining the managerial irrationality effect on stock price crash risk.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Assil Guizani; Florence Depoers
Comment les dirigeants surconfiants se comportentils sur des marchés concurrentiels ? Le cas du risque de chute du cours d'action Article de journal
Dans: Finance Contrôle Stratégie, vol. 22, no. 2, p. 1-21, 2022.
@article{lakhal_1889,
title = {Comment les dirigeants surconfiants se comportentils sur des marchés concurrentiels ? Le cas du risque de chute du cours d'action},
author = {Faten Lakhal and Assil Guizani and Florence Depoers},
url = {https://journals.openedition.org/fcs/9412},
year = {2022},
date = {2022-07-01},
journal = {Finance Contrôle Stratégie},
volume = {22},
number = {2},
pages = {1-21},
abstract = {Ce papier examine l'effet du comportement sur-confiant du dirigeant sur le risque de chute des
cours boursiers dans un environnement concurrentiel. Sur un échantillon d'entreprises
françaises de 2007 à 2016, les résultats montrent que la sur-confiance des dirigeants augmente le
risque de chute du cours d'action. Ces résultats suggèrent que les dirigeants sur-confiants
dissimulent inconsciemment les mauvaises performances, entrainant une chute du cours
d'action. Nous montrons également qu'en présence d'une concurrence accrue sur le marché de
biens et services, l'effet positif de la sur-confiance sur le risque de chute est moins prononcé. Ce
résultat suggère que la compétition sur les marchés de biens et services peut limiter l'effet de
l'irrationalité des dirigeants sur le risque de chute des cours boursiers.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Ramzi Benkraiem; Imen Zorgati
Financial contagion intensity during the COVID-19 outbreak: A copula approach Article de journal
Dans: International Review Of Financial Analysis, vol. 81, p. 102136, 2022.
@article{lakhal_1822,
title = {Financial contagion intensity during the COVID-19 outbreak: A copula approach},
author = {Faten Lakhal and Ramzi Benkraiem and Imen Zorgati},
url = {https://www.sciencedirect.com/science/article/pii/S105752192200103X},
year = {2022},
date = {2022-05-01},
journal = {International Review Of Financial Analysis},
volume = {81},
pages = {102136},
abstract = {The sudden and rapid spread of the novel coronavirus (COVID-19) has had a severe impact on financial markets and economic activities all over the world. The purpose of this paper is to investigate the existence and intensity of financial contagion during the COVID-19 outbreak. We use daily series of stock indexes of 10 Asian countries (Taiwan, Hong Kong, Singapore, India, Indonesia, Malaysia, South Korea, Vietnam, Australia and China) and 4 American countries (the United-States, Brazil, Mexico, and Argentina) over the period starting from January 1st, 2014 to June 30th, 2021. Based on a copula approach, the results show that all studied markets are affected by the COVID-19 outbreak and the presence of financial contagion for all American and Asian countries. The results also show that contagion is more intense for American countries than Asian ones. These findings have practical implications, especially for investors, risk managers, and policy makers. The latter should continue to provide liquidity to the international market during this pandemic.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Ramzi Benkraiem; Safa Gaaya; Faten Lakhal
Corporate tax avoidance, economic policy uncertainty, and the value of excess cash: International evidence Article de journal
Dans: Economic Modelling, vol. 108, p. 105738, 2022.
@article{benkraiem_1751,
title = {Corporate tax avoidance, economic policy uncertainty, and the value of excess cash: International evidence},
author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},
url = {https://doi.org/10.1016/j.econmod.2021.105738},
year = {2022},
date = {2022-03-01},
journal = {Economic Modelling},
volume = {108},
pages = {105738},
abstract = {This paper presents new evidence on the links between corporate tax avoidance, economic policy uncertainty, and the value of excess cash. Based on an international sample of 41,535 firm-year observations from 2005 to 2018, the results show that tax avoidance negatively affects the value of excess cash. This negative effect is only prevalent for firms operating in countries with strong investor protection. This study also explores the role of economic policy uncertainty and shows that tax avoidance lowers the discount on the value of excess cash in uncertain times because investors may underestimate any negative reputational and risky practices. These findings have important implications for investors, policymakers and the welfare of the overall economy.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Ramzi Benkraiem; Itidel Ben Saad
How do International Financial Reporting Standards affect information asymmetry? The importance of the earnings quality channel Article de journal
Dans: Journal of International Accounting, Auditing and Taxation, vol. 46, p. 100445, 2022.
@article{lakhal_1809,
title = {How do International Financial Reporting Standards affect information asymmetry? The importance of the earnings quality channel},
author = {Faten Lakhal and Ramzi Benkraiem and Itidel Ben Saad},
url = {https://doi.org/10.1016/j.intaccaudtax.2021.100445},
year = {2022},
date = {2022-03-01},
journal = {Journal of International Accounting, Auditing and Taxation},
volume = {46},
pages = {100445},
abstract = {Previous studies have provided evidence of the effect that accounting regulation through the adoption of International Financial Reporting Standards (IFRS) has on the informational environment. However, none have investigated how this effect is driven. This study examines whether earnings quality is an effective channel through which the IFRS can mitigate the level of information asymmetry. Based on a sample of French listed companies, we find that information asymmetry decreases significantly after the adoption of IFRS. Using a path analysis and maximum likelihood estimations, the results show that the faithful representation component of earnings quality is the only channel through which IFRS decrease the level of information asymmetry. This finding suggests that the faithful representation of earnings increased under IFRS regulation, which, in turn, enhanced the quality of the informational environment. Our findings are robust using several sensitivity analyses.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal
How does Corporate Social Responsibility performance influence the cost of debt? Evidence from France Article de journal
Dans: Bankers, Markets & Investors, vol. 1, no. 167, p. 20-34, 2022.
@article{lakhal_2035,
title = {How does Corporate Social Responsibility performance influence the cost of debt? Evidence from France},
author = {Faten Lakhal},
url = {https://eska-publishing.com/fr/2021/1133332-bankers-markets-investors-n-167-decembre-2021-128.html},
year = {2022},
date = {2022-02-01},
journal = {Bankers, Markets & Investors},
volume = {1},
number = {167},
pages = {20-34},
abstract = {This study explores the indirect relationship between corporate social responsibility (CSR) performance and the cost of debt through information asymmetry and risk profile channels. Based on a sample of French listed companies over the period 2005-2016 and on a path model, the results show that there is a negative effect of CSR performance on the cost of debt via the systematic risk channel supporting the risk management argument. The results also show that high CSR firms experience a significant decrease in cost of debt subsequently to the Grenelle II act on CSR mandatory disclosures. These results suggest that CSR performance provides insurance-like protection and helps banks assessing the firm risk profile and providing a lower cost of debt.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Ramzi Benkraiem; Florence Depoers; Assil Guizani; Faten Lakhal
How do powerful decision-makers affect firm's stock price crash risk? Article de journal
Dans: Economics Bulletin, vol. 41, no. 3, p. 1876-1886, 2021.
@article{benkraiem_1674,
title = {How do powerful decision-makers affect firm's stock price crash risk?},
author = {Ramzi Benkraiem and Florence Depoers and Assil Guizani and Faten Lakhal},
url = {http://www.accessecon.com/Pubs/EB/2021/Volume41/EB-21-V41-I3-P159.pdf},
year = {2021},
date = {2021-10-01},
journal = {Economics Bulletin},
volume = {41},
number = {3},
pages = {1876-1886},
abstract = {This paper investigates the effect of decision-makers' power on the stock price crash risk (SPCR). Using a sample ofFrench listed companies, the results show that SPCR increases with the power of decision-makers in widely held andmore concentrated ownership structures. This result suggests that for expropriation purposes, powerful managers andcontrolling shareholders conceal bad news for extended periods. Up to a threshold, bad news is released to investorsall at once, leading to a drop in the stock prices. We also find that analysts' coverage mitigates the effect of powerfulmanagers on SPCR in widely held firms. However, the relationship between the power of controlling shareholders andSPCR is less prevalent in companies with independent boards. These findings highlight the importance of efficientgovernance devices to curb opportunistic decision-makers and protect the interests of external shareholders. However,the effectiveness of these mechanisms depends on the identity of the decision-maker and the nature of agencyproblems.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Nour Jedda; Faten Lakhal; Riadh Ghenima
Family Control and Investment Efficiency: Does financial analyst coverage matter? Article de journal
Dans: Management International, vol. 25, no. 3, p. 91-115, 2021.
@article{jedda_1242,
title = {Family Control and Investment Efficiency: Does financial analyst coverage matter?},
author = {Nour Jedda and Faten Lakhal and Riadh Ghenima},
url = {https://www.erudit.org/en/journals/mi/1900-v1-n1-mi06183/1079215ar/abstract/},
year = {2021},
date = {2021-07-01},
journal = {Management International},
volume = {25},
number = {3},
pages = {91-115},
abstract = {The purpose of this paper is to investigate the effect of
family control on investment efficiency and to highlight the
moderating effect of analyst coverage. Based on a sample
of French-listed companies, the results show a negative
effect of family excess control and successive generational
stage on investment efficiency. This negative effect is
mainly driven by the underinvestment problem. These
findings suggest that family firms are associated with
exacerbated information asymmetry issues leading them
to miss investment opportunities. However, analyst
coverage, as an external corporate governance device,
helps mitigating information asymmetry and the problem
of inefficient investments in family firms.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Florence Depoers; Emna Brahem
Family control and corporate social responsibility: The moderating effect of the board of directors Article de journal
Dans: Management International, vol. 25, no. 2, p. 218 - 238, 2021.
@article{lakhal_1344,
title = {Family control and corporate social responsibility: The moderating effect of the board of directors},
author = {Faten Lakhal and Florence Depoers and Emna Brahem},
url = {https://www.erudit.org/en/journals/mi/1900-v1-n1-mi06083/1077793ar/abstract/},
year = {2021},
date = {2021-05-01},
journal = {Management International},
volume = {25},
number = {2},
pages = {218 - 238},
abstract = {This paper examines the effect of family control on corporate social responsibility (CSR) in French-listed companies. Based on quantile regressions, our results show that family identity and involvement in capital and management positively influence CSR performance, particularly for low-CSR firms. These findings support the socio-emotional perspective of family firms. However, families with excess control engage less in CSR activities for expropriation purposes. Additional analysis shows that board size and gender diversity attenuate the negative effect of excess family control on CSR performance and help then mitigating the expropriation risk by family-controlled firms.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Claude Francoeur; Faten Lakhal; Safa Gaaya; Itidel Ben Saad
How Do Powerful CEOs Influence Corporate Environmental Performance? Article de journal
Dans: Economic Modelling, vol. 94, p. 121-129, 2021.
@article{francoeur_1307,
title = {How Do Powerful CEOs Influence Corporate Environmental Performance?},
author = {Claude Francoeur and Faten Lakhal and Safa Gaaya and Itidel Ben Saad},
url = {https://www.sciencedirect.com/science/article/pii/S0264999320312086},
year = {2021},
date = {2021-01-01},
journal = {Economic Modelling},
volume = {94},
pages = {121-129},
abstract = {This study investigates how powerful chief executive officers (CEOs) affect their firm's environmental performance. Based on a sample of 5222 U.S. firm-year observations, we find that such CEOs positively influence environmental performance and that this effect is more prevalent in profitable firms. This result suggests that powerful CEOs are influential in creating sufficient resources to enhance their firms' environmental performance. They are also typically well established and enjoy the quiet life that predisposes them to prioritize environmental projects. Our results also show that, although firms in polluted industries have lower environmental performance, they are able to mitigate this negative effect when they have powerful CEOs or are more profitable. Our results are robust to a variety of econometric models, alternative measures of environmental performance, and controlling for endogeneity issues},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Ramzi Benkraiem; Faten Lakhal; Itidel Ben Saad
New insights into IFRS and earnings quality: what conclusions to draw from the French experience? Article de journal
Dans: Journal of Applied Accounting Research, vol. 22, no. 2, p. 307-333, 2021.
@article{benkraiem_1520,
title = {New insights into IFRS and earnings quality: what conclusions to draw from the French experience?},
author = {Ramzi Benkraiem and Faten Lakhal and Itidel Ben Saad},
url = {https://www.emerald.com/insight/content/doi/10.1108/JAAR-05-2020-0094/full/html},
year = {2021},
date = {2021-01-01},
journal = {Journal of Applied Accounting Research},
volume = {22},
number = {2},
pages = {307-333},
abstract = {Purpose
The purpose of this study is to examine the effect of International Financial Reporting Standards (IFRS) on earnings quality in a continental European context (i.e. France) more than a decade after their mandatory adoption. Furthermore, the authors investigate whether the IFRS effect depends on firm-specific incentives.
Design/methodology/approach
The authors construct an aggregated measure that considers the main qualitative information characteristics: reliability and relevance. They identify accruals quality, earnings smoothing and the degree of conditional conservatism as attributes of reliability and use earnings persistence, predictability, value relevance and timeliness to measure earnings relevance. To test the hypotheses, the authors use a sample of French listed companies. The analyses are based on ordinary least squares (OLS) fixed effects, the Newey-West estimator and the difference-in-difference approach. The authors also use cluster analysis to identify firms with high incentives for earnings quality.
Findings
The results reveal a decrease in earnings quality that persisted for a decade after IFRS adoption. This decrease is mainly due to a decline in earnings relevance, suggesting that the fair value principle worsened earnings volatility. However, the results show that there is an improvement in earnings reliability after IFRS adoption, suggesting that the international standards were able to constrain managerial opportunism. Additionally, the findings reveal that firm-specific incentives can enhance the positive effect of IFRS, but the incentives are not able to substitute for such effect.
Research limitations/implications
The IFRS effect depends on firm-specific incentives.
Practical implications
The authors prove that firm-specific incentives are important to accentuate the positive effect of IFRS on earnings reliability and to mitigate the impact of IFRS on earnings relevance.
Originality/value
This paper makes several contributions to the literature. First, it addresses the relative lack of attention to the main qualitative characteristics in measuring earnings quality, that is, earnings reliability and earning relevance, and uses an aggregate earnings quality measure. Second, this paper uses a cluster analysis to highlight the role of firm-specific incentives in shaping the effect of IFRS on earnings quality.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Imen Zorgati; Faten Lakhal
Spatial contagion in the subprime crisis context: Adjusted correlation versus local correlation approaches Article de journal
Dans: Economic Modelling, vol. 92, p. 162-169, 2020.
@article{zorgati_1089,
title = {Spatial contagion in the subprime crisis context: Adjusted correlation versus local correlation approaches},
author = {Imen Zorgati and Faten Lakhal},
url = {https://www.sciencedirect.com/science/article/abs/pii/S026499931930286X},
year = {2020},
date = {2020-11-01},
journal = {Economic Modelling},
volume = {92},
pages = {162-169},
abstract = {This paper investigates the financial contagion phenomenon and its intensity in the context of the subprime crisis by adopting the copulas approach. The wavelet technique is used to predict the accurate occurrence of the subprime crisis. To estimate the parameters of the different copulas, we use the canonical maximum likelihood method (CML). Based on the daily returns of stock market indices of five American countries (Brazil, Argentina, Mexico, Canada and the USA) and nine Asian countries (Japan, Hong Kong, India, Australia, Indonesia, Malaysia, Korea, China and Singapore) from 01/01/2003 to 30/12/2011, our results show that the contagion effect exists for all American markets as well as the Indian, Australian, Indonesian, Malaysian, Chinese and Singaporean ones. The findings also show that American markets record high levels of contagion intensity in comparison to their Asian counterparts. This study also confirms the contagious nature of the subprime crisis between USA and both American and Asian countries.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Sabri Boubaker; Assil Guizani
Does corporate innovation strategy influence stock price crash risk? French market evidence Article de journal
Dans: Bankers, Markets & Investors, vol. 162, p. 35-52, 2020.
@article{lakhal_1309,
title = {Does corporate innovation strategy influence stock price crash risk? French market evidence},
author = {Faten Lakhal and Sabri Boubaker and Assil Guizani},
url = {https://journaleska.com/index.php/bmi/article/view/4639},
year = {2020},
date = {2020-11-01},
journal = {Bankers, Markets & Investors},
volume = {162},
pages = {35-52},
abstract = {The purpose of this paper is to examine the effect of corporate innovation strategy on firm-level stock price crash risk. Using a sample of French listed firms covering 2007-2016, we show that innovative firms are more prone to future stock price crash risk. Managers of these firms have optimistic expectations about growth prospects that encourage them to hide bad news, leading to higher stock price crash risk. This positive relationship is only prevalent in competitive product markets and with low analyst coverage suggesting that innovative firms are likely to experience stock price crashes when information asymmetry is exacerbated. Our results stand up to several robustness tests and remain unchanged after addressing endogeneity concerns.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Assil Guizani; Florence Depoers
Contrôle familial, conseil d'administration et risque de chute du cours d'actions : Le cas des entreprises françaises Article de journal
Dans: Management & Avenir, vol. 119, p. 109-129, 2020.
@article{lakhal_1243,
title = {Contrôle familial, conseil d'administration et risque de chute du cours d'actions : Le cas des entreprises françaises},
author = {Faten Lakhal and Assil Guizani and Florence Depoers},
url = {https://www.cairn.info/revue-management-et-avenir-2020-5-page-109.htm},
year = {2020},
date = {2020-10-01},
journal = {Management & Avenir},
volume = {119},
pages = {109-129},
abstract = {Cet article analyse l'impact du contrôle familial sur le risque spécifique de chute du cours d'action. Sur un échantillon de sociétés françaises cotées, nos résultats montrent que l'excès du contrôle familial (lorsque les droits de contrôle sont supérieurs aux droits aux flux financiers) et la présence d'un dirigeant membre de la famille augmentent le risque d'une baisse brutale et significative du cours de l'action d'une société. Nous montrons également que l'indépendance du conseil réduit ce risque en cas d'excès de contrôle mais pas lorsque le dirigeant est un membre de la famille.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Sabri Boubaker; Emna Brahem; Faten Lakhal
La diversité du genre influence-t-elle la performance RSE des entreprises familiales ? Article de journal
Dans: La Revue des Sciences de Gestion, vol. 303-304, p. 71-80, 2020.
@article{boubaker_1244,
title = {La diversité du genre influence-t-elle la performance RSE des entreprises familiales ?},
author = {Sabri Boubaker and Emna Brahem and Faten Lakhal},
url = {https://www.cairn.info/revue-des-sciences-de-gestion-2020-3-page-71.html},
year = {2020},
date = {2020-08-01},
journal = {La Revue des Sciences de Gestion},
volume = {303-304},
pages = {71-80},
abstract = {x},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Ramzi Benkraiem; Faten Lakhal; C. Zopounidis
International diversification and corporate cash holding behavior: What happens during economic downturns ? Article de journal
Dans: Journal Of Economic Behavior & Organization, vol. 170, p. 362-371, 2020.
@article{benkraiem_1131,
title = {International diversification and corporate cash holding behavior: What happens during economic downturns ?},
author = {Ramzi Benkraiem and Faten Lakhal and C. Zopounidis},
url = {https://www.sciencedirect.com/science/article/abs/pii/S0167268119303993},
year = {2020},
date = {2020-02-01},
journal = {Journal Of Economic Behavior & Organization},
volume = {170},
pages = {362-371},
abstract = {This study uses fixed-effect regressions estimated with heteroskedasticity-consistent standard errors to investigate the effect of international diversification on corporate cash holding behavior of French-listed firms during economic downturns. The findings show that internationally diversified firms are less inclined to save cash out of their cash flows than their undiversified counterparts. However, during economic downturns, the relationship shifts and shows that international diversification is positively associated with the propensity of firms to save cash out of their cash flows. The negative relationship between international diversification and the propensity of firms to save cash out of their cash flows suggests that risk-reducing effects coupled with easy access to external finance prevail over the high agency costs and information asymmetry associated with international companies. However, during economic slumps, this relationship becomes positive, highlighting a significant influence of the financial crisis on internationally diversified firms relative to their stand-alone counterparts. Thus, this study should provide useful insights for academics, practitioners as well as financial regulators.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Ramzi Benkraiem; Safa Gaaya; Faten Lakhal
Cross-Country Evidence on Earnings Quality and Corporate Tax Avoidance: The Moderating Role of Legal Institutions Article de journal
Dans: Economics Bulletin, vol. 40, no. 2, p. 1714-1726, 2020.
@article{benkraiem_1237,
title = {Cross-Country Evidence on Earnings Quality and Corporate Tax Avoidance: The Moderating Role of Legal Institutions},
author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},
url = {https://econpapers.repec.org/article/eblecbull/eb-20-00303.htm},
year = {2020},
date = {2020-01-01},
journal = {Economics Bulletin},
volume = {40},
number = {2},
pages = {1714-1726},
abstract = {The purpose of this study is to investigate the relationship between earnings quality and corporate tax avoidance, while accounting for the strength of the legal institutional environment. We find robust evidence that high earnings quality mitigates corporate tax avoidance practices. Furthermore, we find that this association is particularly stronger when country-level legal institutions are powerful. Thus, this study should provide useful insights to academics, professionals as well as policy makers by emphasizing the vital role that accounting information quality could play in the fight against tax avoidance and the important support that legal institutions could provide in this regard.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Aymen Ajina; Faten Lakhal; Sabrine Ayed
Does Corporate Social Responsibility Reduce Earnings Management? The Moderating Role of Corporate Governance and Ownership Article de journal
Dans: Management International, vol. 23, no. 2, p. 45-55, 2019.
@article{ajina_1035,
title = {Does Corporate Social Responsibility Reduce Earnings Management? The Moderating Role of Corporate Governance and Ownership},
author = {Aymen Ajina and Faten Lakhal and Sabrine Ayed},
url = {https://id.erudit.org/iderudit/1060030ar CopiedAn error has oc},
year = {2019},
date = {2019-09-01},
journal = {Management International},
volume = {23},
number = {2},
pages = {45-55},
abstract = {The purpose of this paper is to investigate the relationship between corporate social responsibility and earnings management and the moderating effect of corporate governance and ownership structure on this relationship. Using panel data for a sample of French listed companies between 2010 and 2013, we find that CSR engagementconstrain earnings management practices suggesting that managers would comply with the ethical requirements and satisfy stakeholders' interests. The results also show that the effect of CSR on earnings management is particularly stronger in more independent boards and with high institutional ownership structure. These corporate governance devices help mitigating managerial opportunistic behavior.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Imen Zorgati; M. Zaabi; Faten Lakhal
Financial contagion in the subprime crisis context: A copula approach Article de journal
Dans: North American Journal Of Economics And Finance, vol. 47, p. 269-282, 2019.
@article{zorgati_1090,
title = {Financial contagion in the subprime crisis context: A copula approach},
author = {Imen Zorgati and M. Zaabi and Faten Lakhal},
url = {https://www.sciencedirect.com/science/article/pii/S1062940818302389},
year = {2019},
date = {2019-01-01},
journal = {North American Journal Of Economics And Finance},
volume = {47},
pages = {269-282},
abstract = {The purpose of this paper is to shed light on the effect of family ownership on corporate tax avoidance. It also investigates whether audit quality affects tax avoidance practices by family firms},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Assil Guizani; Nadia Lakhal
The cash flow sensitivity of cash in family firms: does the board of directors matter? Article de journal
Dans: Managerial Finance, vol. 44, no. 11, p. 1364-1380, 2018.
@article{lakhal_1036,
title = {The cash flow sensitivity of cash in family firms: does the board of directors matter?},
author = {Faten Lakhal and Assil Guizani and Nadia Lakhal},
url = {https://www.emerald.com/insight/content/doi/10.1108/MF-10-2017-0440/full/html},
year = {2018},
date = {2018-11-12},
journal = {Managerial Finance},
volume = {44},
number = {11},
pages = {1364-1380},
abstract = {The purpose of this paper is to shed light on the effect of French family control on the cash flow sensitivity of cash (CFSC). It also investigates the moderating effect of board of directors' features on this relation.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Ramzi Benkraiem; Amal Hamrouni; Faten Lakhal; Nadia Toumi
Board independence, gender diversity and CEO compensation Article de journal
Dans: Corporate Governance: the international journal of business in society, vol. 17, no. 5, p. 845-860, 2017.
@article{benkraiem_1092,
title = {Board independence, gender diversity and CEO compensation},
author = {Ramzi Benkraiem and Amal Hamrouni and Faten Lakhal and Nadia Toumi},
url = {https://www.emerald.com/insight/content/doi/10.1108/CG-02-2017-0027/full/html},
year = {2017},
date = {2017-10-01},
journal = {Corporate Governance: the international journal of business in society},
volume = {17},
number = {5},
pages = {845-860},
abstract = {The purpose of this paper is to analyze the moderating effect of corporate governance and ownership features in lessening earnings management practices in a free cash flow (FCF) situation. A simultaneous equations model is developed to address endogeneity of the FCF variable. Based on a sample of French companies belonging to the SBF 120 index from 2001 to 2010, the results highlight the opportunistic behavior of managers in presence of free cash flows. Particularly, managers engage in earnings management practices that increase reported earnings. Our results also show that corporate governance mechanisms such as audit committee independence and external audit quality, in addition to institutional investors and managerial ownership reduce the extent of earnings management. Corporate governance mechanisms are substitutive in their monitoring role of managers' behavior to reduce earnings management in presence of a free cash flow problem.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Safa Gaaya; Faten Lakhal; Nadia Lakhal
Does family ownership reduce corporate tax avoidance Article de journal
Dans: Managerial Auditing Journal, vol. 32, no. 7, p. 731-744, 2017.
@article{gaaya_1091,
title = {Does family ownership reduce corporate tax avoidance},
author = {Safa Gaaya and Faten Lakhal and Nadia Lakhal},
url = {https://www.emerald.com/insight/content/doi/10.1108/MAJ-02-2017-1530/full/html},
year = {2017},
date = {2017-07-01},
journal = {Managerial Auditing Journal},
volume = {32},
number = {7},
pages = {731-744},
abstract = {This paper aims to investigate the joint effect of board independence and gender diversity on the effectiveness of boards in monitoring CEO compensation in a continental European context, i.e. France},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Mehdi Nekhili; I. F. Ben Amar; Tawhid Chtioui; Faten Lakhal
Free cash flow and earnings management: The moderating role of governance and ownership Article de journal
Dans: Journal of Applied Business Research, vol. 32, no. 1, p. 255-268, 2016.
@article{nekhili_1093,
title = {Free cash flow and earnings management: The moderating role of governance and ownership},
author = {Mehdi Nekhili and I. F. Ben Amar and Tawhid Chtioui and Faten Lakhal},
url = {https://clutejournals.com/index.php/JABR/article/view/9536},
year = {2016},
date = {2016-01-01},
journal = {Journal of Applied Business Research},
volume = {32},
number = {1},
pages = {255-268},
abstract = {This study attempts to add to the small body of existing literature relating Chief executive officer characteristics to earnings management. Our research was carried out on 153 French listed companies during 2008. Using discretionary accruals as a proxy for earnings management, we found a significant positive relationship between CEO characteristics and earnings management. This suggests that since reputed CEOs are well compensated, they are more afraid to lose thier compensation level, and their incentive to manipulate their firm's earnings therefore increases. Findings also indicate that the dual CEO-chair relationship encourages CEOs to manage earnings, particularly when CEO-chairs hold the major proportion of equity in the firm. This finding suggests that CEO-chairs use their managerial power and the freedom from control to extract private yields. Finally, we present new on the relationship between CEO expertise and earnings management, showing that expertise positively affects CEO's behavior leading to their using agressive earnings management.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Zeineb Zouari; Faten Lakhal; Mehdi Nekhili
Do CEO characteristics affect earnings management? Evidence from France Article de journal
Dans: International Journal of Innovation and Applied Studies, vol. 12, no. 4, p. 801-819, 2015.
@article{zouari_1094,
title = {Do CEO characteristics affect earnings management? Evidence from France},
author = {Zeineb Zouari and Faten Lakhal and Mehdi Nekhili},
year = {2015},
date = {2015-09-04},
journal = {International Journal of Innovation and Applied Studies},
volume = {12},
number = {4},
pages = {801-819},
abstract = {This study attempts to add to the small body of existing literature relating Chief executive officer characteristics to earnings management. Our research was carried out on 153 French listed companies during 2008. Using discretionary accruals as a proxy for earnings management, we found a significant positive relationship between CEO characteristics and earnings management. This suggests that since reputed CEOs are well compensated, they are more afraid to lose thier compensation level, and their incentive to manipulate their firm's earnings therefore increases. Findings also indicate that the dual CEO-chair relationship encourages CEOs to manage earnings, particularly when CEO-chairs hold the major proportion of equity in the firm. This finding suggests that CEO-chairs use their managerial power and the freedom from control to extract private yields. Finally, we present new on the relationship between CEO expertise and earnings management, showing that expertise positively affects CEO's behavior leading to their using agressive earnings management},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
R. Labelle; Claude Francoeur; Faten Lakhal
To Regulate Or Not To Regulate? Early Evidence on the Means Used Around the World to Promote Gender Diversity in the Boardroom Article de journal
Dans: Gender Work And Organization, vol. 22, no. 4, p. 339-363, 2015.
@article{labelle_1037,
title = {To Regulate Or Not To Regulate? Early Evidence on the Means Used Around the World to Promote Gender Diversity in the Boardroom},
author = {R. Labelle and Claude Francoeur and Faten Lakhal},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/gwao.12091},
year = {2015},
date = {2015-05-25},
journal = {Gender Work And Organization},
volume = {22},
number = {4},
pages = {339-363},
abstract = {Despite the growing public concern in recent years about the place of women in business, gender diversity in corporate governance has made little progress. As a consequence, the issue has captured the worldwide attention of policymakers. Several countries are currently adopting or considering the adoption of laws or regulations to promote gender diversity on corporate boards. The purpose of this paper is to compare the effectiveness of using legislative or regulatory means to increase female representation instead of allowing firms to voluntarily fix their own non?legally binding targets. We find that the relation between gender diversity and performance is positive in countries using the voluntary approach while it is negative in countries using the regulatory approach. We conclude that public policy aimed at increasing the number of women on corporate boards should be introduced gradually and voluntarily rather than quickly and coercively to avoid sub?optimal board composition.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Amal Aguir; Nadia Lakhal; Adnane Malek
Do women on boards and in top management reduce earnings management? Evidence from France Article de journal
Dans: Journal of Applied Business Research, vol. 31, no. 3, p. 1107-1118, 2015.
@article{lakhal_1081,
title = {Do women on boards and in top management reduce earnings management? Evidence from France},
author = {Faten Lakhal and Amal Aguir and Nadia Lakhal and Adnane Malek},
url = {https://clutejournals.com/index.php/JABR/article/view/9236/9274},
year = {2015},
date = {2015-05-01},
journal = {Journal of Applied Business Research},
volume = {31},
number = {3},
pages = {1107-1118},
abstract = {The purpose of this paper is to examine the effect of gender diversity on the boardroom and in top management positions on earnings management by French-listed firms. Based on a sample of 170 firms over 4 years, we find that the proportion of women on the board standing as a director or a chair reduces earnings management. This finding suggests that women are effective on their monitoring role and are then considered as a crucial corporate governance device. We also find that the relationship between the presence of at least three women on the board and earnings management is negative suggesting that by increasing thenumber of women on board through regulation and legislation, French firms are likely to enhance the effectiveness of the board to better detect earnings management. However, women standing in CEO and CFO positions do not affect earnings management practices. These findings suggest that efforts made by political bodies to promote equality between men and women on boards are beneficial for French-listed companies by limiting earnings management practices. However, regulating or imposing a quota of women on boards can create a temporal shortage of qualified women available to take up such positions.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Aymen Ajina; Faten Lakhal; Danielle Sougné
Institutional investors' ownership and stock market liquidity: The case of French-listed firms Article de journal
Dans: International Journal of Managerial Finance, vol. 11, no. 1, p. 44-59, 2015.
@article{ajina_1080,
title = {Institutional investors' ownership and stock market liquidity: The case of French-listed firms},
author = {Aymen Ajina and Faten Lakhal and Danielle Sougné},
url = {https://www.emerald.com/insight/content/doi/10.1108/IJMF-08-2013-0086/full/html?skipTracking=true},
year = {2015},
date = {2015-02-01},
journal = {International Journal of Managerial Finance},
volume = {11},
number = {1},
pages = {44-59},
abstract = {The purpose of this paper is to examine the effect of institutional investors' ownership and type on information asymmetry and stock market liquidity in France. },
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Samir Belkhaoui; Faten Lakhal; Slaheddine Hellara
Market structure, strategic choices and bank performance: a path model Article de journal
Dans: Managerial Finance, vol. 40, no. 6, p. 538-564, 2014.
@article{belkhaoui_1082,
title = {Market structure, strategic choices and bank performance: a path model},
author = {Samir Belkhaoui and Faten Lakhal and Slaheddine Hellara},
url = {https://www.emerald.com/insight/content/doi/10.1108/MF-07-2013-0183/full/html?skipTracking=true},
year = {2014},
date = {2014-06-03},
journal = {Managerial Finance},
volume = {40},
number = {6},
pages = {538-564},
abstract = {The purpose of this paper is to develop and test a conceptual model of bank performance},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal; Aymen Ajina
Ownership structure and stock market liquidity in France Article de journal
Dans: Bankers, Markets & Investors, vol. x, no. 104, p. 42-52, 2010.
@article{lakhal_1525,
title = {Ownership structure and stock market liquidity in France},
author = {Faten Lakhal and Aymen Ajina},
url = {x},
year = {2010},
date = {2010-01-01},
journal = {Bankers, Markets & Investors},
volume = {x},
number = {104},
pages = {42-52},
abstract = {his paper examines the effects of concentrated ownership structure and shareholder's type on the French stock-market liquidity. The results show that ownership concentration negatively affects market liquidity suggesting that large shareholders are likely to exacerbate information asymmetry, widen bid-ask spreads and decrease stock market liquidity. The findings also show that the proportion of institutional investors has a positive effect on market liquidity. These investors are inclined to trade more frequently on their stocks and to shrink bid-ask spreads. These findings are in line with adverse selection and trading hypotheses and shed the light on the role of corporate governance devices to consider shareholder minority interest's protection, which leads to improved stock market liquidity levels.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Faten Lakhal
Les mécanismes de gouvernement d'entreprises et les publications volontaires des résultats en France Article de journal
Dans: Comptabilite Controle Audit, vol. 12, no. 2, p. 69-92, 2006.
@article{lakhal_1524,
title = {Les mécanismes de gouvernement d'entreprises et les publications volontaires des résultats en France},
author = {Faten Lakhal},
url = {https://www.cairn.info/revue-comptabilite-controle-audit-2006-2-page-69.htm?contenu=resume},
year = {2006},
date = {2006-12-01},
journal = {Comptabilite Controle Audit},
volume = {12},
number = {2},
pages = {69-92},
abstract = {Cet article étudie les relations entre les mécanismes de gouvernement d'entreprise et la communication volontaire des résultats sur un marché où l'actionnariat est concentré. Les résultats montrent que la publication volontaire est liée à la dispersion de la structure d'actionnariat marquée par la présence d'investisseurs institutionnels étrangers, à l'existence d'une structure de dualité dans le conseil et à la distribution de stocks-options aux dirigeants. Les dirigeants français peuvent occasionnellement annoncer leurs résultats afin d'informer le marché de leurs bonnes performances. Enfin, les annonces trimestrielles sont rattachées essentiellement à la cotation sur le marché américain alors que la publication prévisionnelle est liée à la rémunération des dirigeants par stock-options.},
keywords = {},
pubstate = {published},
tppubtype = {article}
}
Sabrine Ayed; Faten Lakhal; Aymen Ajina
Summer conference on financial implications of sustainability and corporate social responsibility, Nice, France, 2018.
@conference{ayed_1549,
title = {Corporate Social Responsibility and stock market liquidity: The moderating role of institutional investors' ownership},
author = {Sabrine Ayed and Faten Lakhal and Aymen Ajina},
url = {https://hal.archives-ouvertes.fr/hal-02087545},
year = {2018},
date = {2018-06-01},
booktitle = {Summer conference on financial implications of sustainability and corporate social responsibility},
address = {Nice, France},
abstract = {The purpose of this study is to shed the light on the effect of corporate social performance on stock market liquidity in the French context. Based on a sample of 100 companies from 2011-2013, our results approve the role of Corporate Social Responsibility (CSR), particularly community engagement and governance in reducing information asymmetry and improving stock market liquidity. This result supports the theoretical legitimacy and reputational hypotheses. Moreover, with the presence of a high proportion of institutional investors, we find a negative impact of CSR activities on market liquidity. These findings may have important implications in terms of the academic and managerial understanding toward the relative benefits of CSR. Indeed, our results highlight the relevance of developing the CSR activities and particularly community engagement and governance by French firms in order to better assess firms' values and improve their stock liquidity. However, institutional investors are not deemed to bean effective corporate governance device for French companies suggesting that stock liquidity could be affected by the way CSR is monitored.},
keywords = {},
pubstate = {published},
tppubtype = {conference}
}
Florence Depoers; Faten Lakhal
Risque de chute des cours et coût de la dette Divers
FNEGE Médias, 2023.
@misc{depoers_2867,
title = {Risque de chute des cours et coût de la dette},
author = {Florence Depoers and Faten Lakhal},
url = {https://fnege-medias.fr/fnege-video/risque-de-chute-des-cours-et-cout-de-la-dette/},
year = {2023},
date = {2023-07-01},
howpublished = {FNEGE Médias},
note = {L'objectif de cet article est d'étudier l'effet du risque de chute du cours d'action sur le coût d'endettement des sociétés françaises cotées. Nos résultats montrent que les chutes du cours d'action augmentent le coût d'endettement, ce qui suggère que les créanciers considèrent ces chutes comme un facteur important du risque de crédit. Cet effet est plus prononcé en présence d'un risque systématique élevé et d'une forte asymétrie d'information. Nous montrons également que l'effet des chutes du cours sur le coût de l'endettement est plus faible dans les entreprises dirigées par leur propriétaire et dans les entreprises familiales. Ce qui implique que la relation personnelle que les dirigeants-propriétaires et la famille peuvent établir avec les créanciers à travers leurs réseaux sociaux peut aider l'entreprise à obtenir un financement à moindre coût.},
keywords = {},
pubstate = {online},
tppubtype = {misc}
}
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